For those who are 65 and older or have a qualifying condition, the Medicare open enrollment period is here – and time is running out!
Those eligible for Medicare have between October 15th and December 7th to elect to make changes to their Medicare plan. Costly penalties can be assessed if you make a change outside of the open enrollment period, so it is important to act now.
What if you just turned 65 this year? Well, your circumstances are a bit different. You are able to register for Medicare between the three months prior to the month you turn 65, the month you turn 65, and the three months after the month you turn 65.
What happens if you don’t register for Medicare when you turn 65? If you opt-out of enrolling, you will likely be charged late enrollment penalties which are added to your monthly premium when you eventually enroll.
What if you are 65, covered by your current employer’s health plan, and want to elect to sign up for Medicare part A and part B? Good news – you can still sign up for coverage and the open enrollment period applies to you as well.
Regardless of your situation, the following chart summarizes what you need to know about the Medicare open enrollment period:
Still confused about when you should be enrolling? Have questions about what coverage you should be enrolling in? Maybe you want to know how a change in prescriptions will affect your out-of-pocket costs?
These are important questions and receiving the right answers may be imperative to your health and to your wallet. There are resources available to you to help with these questions including the following:
- Call 1-800-MEDICARE to speak with a specialist.
- Engage a comprehensive financial planner to advise you.
This information is intended to be instructional and is not specific tax or legal advice. The specific circumstances of an individual situation should be evaluated in determining the applicability of any of the recommendations in this document. Consult a tax or legal professional when making recommendations to a client.